NNPC withheld N2.16 trillion in projected dividends despite earning N1.06 trillion from PSC oil, raising concerns about revenue shortfalls.
The Nigerian National Petroleum Company Limited (NNPC) failed to remit any dividend to the federation account between January and August 2025, despite a projected N2.16 trillion payment, the latest Federation Account Allocation Committee (FAAC) report has revealed.
The report showed that NNPC earned N1.06 trillion from production sharing contracts (PSC) within the period, lower than the projected N1.57 trillion. Monthly earnings fluctuated, with the highest revenue of N263.12 billion recorded in August and the lowest, N22.77 billion, in June.
According to the report, the PSC profit oil was split into three categories: 30 percent for NNPC’s management fee, 30 percent for the frontier exploration fund, and 40 percent for the federation. NNPC retained N318.05 billion, remitted the same to frontier exploration, and paid N424.07 billion to the federation.
However, the dividend line remained blank. Abuja-based think tank Agora Policy said, “NNPCL has not paid any calendarised interim dividend in 2025, which in 8 months should amount to N2.17t.”